In today’s tight job market, many employers realize that they need to take a closer look at their benefits package in an effort to attract and retain employees. How often have you found a qualified candidate that you hope to hire only to learn that they decide to go with another position? Most likely, the candidate has found another job in which the benefits offered by the competition were more attractive.
When reviewing the development of benefits and perks for your company, it is valuable to understand the differences. Benefits are a form of non-wage compensation that supplement salary (e.g., health insurance). Perks are a form of non-wage compensation (e.g., work from home Fridays), but unlike benefits, are more loosely defined and vary greatly.
Glassdoor indicates that 57% of job seekers list benefits and perks among the chief determinants when evaluating jobs. Benefits and perks impact recruiting efforts as they help to get prospective talent interested in a company and through the door.
The primary benefits and perks that prospective job seekers value most when considering a new position include (listed in order of importance):
- Better health, dental, and vision insurance
- More flexible hours
- More vacation time
- Work from home options
- Retirement benefits; pension plan, 401K
Although there are some new, innovative benefits and perks being offered such as free-snacks or nap pods—the top benefits/perks valued by many employees are those that improve their work/life balance.
Some innovative, non-traditional benefits/perks offered by large companies and tech-based companies include:
- Unlimited vacation
- Student loan assistance
- Free gym membership
- Free child day care services
- Free fitness or yoga classes offered on-site
- Catered breakfast and/or lunch
- Company-wide retreats
- Paid volunteer days
- Paid parental leave for moms and dads (16+ weeks)
- Dedicated game rooms
- Nap rooms
Although the benefits and perks offered can help get prospective talent through the door of your organization, once hired, it is the culture, values, and career opportunities that are the leading factors in employee satisfaction. Employee interests vary depending on company size, industry and demographics. To find the benefits package that best fits your business, it’s important to survey employees about what they value most.
WageWatch offers accurate, up-to-date HR metrics, benefit survey data, market compensation data, and salary reports that will allow you to stay current with the times. This information is highly beneficial in creating the best salary and benefits packages that meet or rival the industry standards. The PeerMark™ Wage Survey is a custom-built survey tool that allows individual survey participants to select their competitive set for comparison purposes. Our experienced compensation consultants can assist with your organization’s compensation needs. We can help you ensure internal equity and compliance with regulations as well as help you structure your compensation programs to support your company’s business strategy and objectives. For more information on our services, including consulting, salary survey data, benefit survey data and market compensation reports, please call WageWatch at 888-330-9243 or contact us online.